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pausexy13

Gambling Income and Losses

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The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

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15 hours ago, pausexy13 said:

The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

As a matter of fact what matters if you declare it or not. I always add on my tax returns any withdraw from stake or primedice, better safe outside vs in a jail that smells shitty.

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In my country you can have a certain amount of cash earned in gambling casinos without the need to report and being taxable because of that.  Casinos always inform the gamblers about the obligations when gambling, and many gamblers just stop the gambling with certain amount of free fresh cash.  Only very few gamblers are doing the tax payments.  That will never change, or not in the short time. 

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